| Charcol starts to cater for borrowers with poor credit rating
Mortgage broker Charcol is offering free mortgage advice to homebuyers with a poor credit history who might otherwise find themselves at a disadvantage when applying for a home loan. Sub-prime borrowers are vulnerable to intermediaries who advertise as specialist adverse credit brokers, some of whom charge very high fees. Charcol.co.uk estimates that the annual lending in this sector is around £30 billion, or approximately 8% of the market, and this is a figure that is growing as more borrowers have difficulty meeting higher interest charges. Repossessions are already predicted to rise to as high as 55,000 in two years time and unsurprisingly those with a poor credit history account for 70% of the rise. 'The amount of personal debt in the UK continues to grow, particularly in a rising interest rate environment and for financially vulnerable borrowers to be charged outrageous fees for consolidating their debt is simply not right,' said Peter Barrett, managing director at Charcol.
Not all home lending is bad news
A search for a concise definition from Wikipedia, the online encyclopedia, tells us that, "subprime lending, also called "B-Paper," "near-prime," or "second chance" lending, is a general term that refers to the practice of making loans to borrowers who do not qualify for market interest rates because of problems with their credit history." Economic down turns and personal hard times will create an atmosphere where subprime "predatory" lending practices can flourish. In recent months, the national news has been full of stories about the subprime lending market and the potentially disastrous debts befalling homebuyers and mortgage holders. Buying a home can be bewildering for anyone, and people with little financial savvy can be sold sophisticated financial instruments with little understanding of the details, their long-term responsibilities, or the potential for negative consequences.
Couple need help with plastic debt
Dear Amy: My wife and I are deep in credit card debt. She is in sales and makes much more money than I do (for which she is resentful). Her employer reimburses her business expenses, but she rarely does the required paperwork.
Last year alone, this left us responsible for almost $10,000 in charges. She had a company credit card but mishandled it and the account was closed. This is not the first time she has had credit card problems. More than half of our debt is because of this; the rest is necessary costs such as car repairs. We are reasonably frugal otherwise.
I have spent our savings and raided our kids' college funds to keep us afloat.
When I bring it up or offer to help, the discussion always ends in a fight or a promise to do better, yet nothing changes.
President Bush, NASCAR Community React to the Passing of Bill France
William (Bill) Clifton France is remembered - and revered - as the man who followed his visionary father at NASCAR's helm, in the process becoming a visionary himself, as he guided NASCAR to unprecedented levels of popularity. Read statements from President George W. Bush and members of the NASCAR community regarding the passing of Bill France. President George W. Bush:
"Laura and I are deeply saddened by the death of Bill France Jr. Bill was a legend in the world of NASCAR whose passion and vision for stock-car racing led the sport to the national prominence it enjoys today." "Bill brought racing's excitement to millions of new fans through his steadfast and innovative leadership. Bill also helped ensure that the NASCAR community found many ways to support the men and women of the US Armed Forces.
Editorial: Tough love for credit card debtors
The legislature has been living up to its reputation for woeful inefficiency. Many important pieces of legislation -- such as the annual budget and nominations for the Control Yuan -- remain frozen. Those that are being debated raise troubling questions. Usually legislators only pander to corporate interests. But when election time draws near, they suddenly develop a concern for public opinion and pass populist laws to win votes from the middle and lower classes. A draft law on clearing consumer debt now before the legislature is one example. The bill was designed to help overwhelmed borrowers reduce debt and have a chance at starting anew. But in its present form the bill encourages dependency. This, in turn, would lead banks to stricter behavior toward borrowers without credit problems.
Student credit card: 5 tips to stay out of credit card debt and ...
Lots of people argue that there should be no credit cards for students for the simple reason that they are not responsible enough and can land in huge credit card debt. This fact can be true to a certain extent but credit cards help the students tremendously during their student life. This article takes a look at essential things to keep in mind so as a student doesn't get bogged down by the credit card debt. Build a habit of shopping around for things more so for student credit cards: When you enter a college there are numerous credit card companies waiting to offer you a credit card. Look at each one of them, it might look as time consuming initially but it will save a for you over the college years. A student credit card with lowest APR and other fees will be suitable.
Lenders look beyond the score
Despite the importance of the credit score, lenders consider other factors as well, according to Jana House, director of consumer lending with Great Southern Bank. We look at their job history, residency history, if they have a relationship with our bank or not, House said. We look at the overall picture, not just their credit history. Lenders also look at income, which is not factored into the credit report process. Individuals should be realistic about their situations before considering a purchase, House said. If youre 20 years old, wanting to buy a $40,000 car maybe isnt realistic, she added. Part of it is being real about expectations a financial institution is not doing a borrower a favor if they lend them $35,000 for a car and that person makes $7 or $8 an hour.
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